NODE40, the blockchain solutions business unit of HashChain Technology Inc., today announced the launch of NODE40 Balance with SMART View, offering customers an unrivaled ability to audit cryptocurrency asset transactions and accurately track cost basis information for these assets across multiple online exchanges and custodial wallets. SMART View – or Simple Multi-Account Reconciliation Technology – is one of many new features packed into the “Essentials” tier of NODE40 Balance and represents the most substantial update to the Company’s pioneering cryptocurrency accounting and tax compliance platform since its launch in early 2017.
NODE40 Balance with SMART View utilizes proprietary technology to track the true path – and actual cost basis – of cryptocurrency for its complete lifecycle of ownership. As a digital asset moves amongst various exchanges and wallets, SMART View follows. Actual blockchain and internal exchange trade histories are referenced to determine the gains or losses that inform the calculation of all tax implications. The system is built with strict adherence to IRS guidance and American Institute of Certified Public Accountants (AICPA) recommendations for cryptocurrency accounting.
“With Smart View, we’re providing our customers with the ultimate solution to measure performance of their cryptocurrency asset portfolio and accurately report their tax liability”, said Sean D. Ryan, Chief Technology Officer, HashChain Technology. “Accuracy is the key word. Unlike other products which rely on internal algorithms to make assumptions about an asset’s cost basis, our software uses only documentable, raw numbers to guarantee our customers that what they report to the IRS has an audit trail that is 100% verifiable.”
NODE40 Balance with SMART View supports popular online exchanges like Coinbase, Gemini, and Binance, and hundreds of currencies, including Bitcoin, Ethereum, and DASH. Its robust architecture allows for sorting and customizable views, including a summary view of holdings by ledger and across all ledgers. Product deployment follows nearly a year of work by Company software engineers and was driven by strong customer feedback.
“This has been our most-requested feature. We know that many of our customers use multiple services to buy, sell and store cryptocurrency resulting in complex transactions and tax situations,” added Ryan. “NODE40 Balance with SMART View solves this challenging accounting problem by maintaining an accurate record of an asset, even as it’s moved from exchange to exchange or wallet to wallet. It’s peace of mind for anyone who owns cryptocurrency.” The same scalability, privacy, security and governance features that exist in our institutional-grade solution currently deployed across merchants, exchanges, miners, and other cryptocurrency asset customers are now available through NODE40 Balance Essentials.
NODE40 Balance Essentials, which includes SMART View, IRS form 8949 generation, detailed accounting worksheets, audit trail spreadsheets, unlimited ledgers, and unlimited transactions, carries an annual subscription cost of US$ 750 – payable by credit card or cryptocurrency. The “Basic” tier of the software will remain free and continue to offer the ability to create up to three wallet ledgers and one online exchange.
The Company is also ensuring easier access to its products by launching Single Sign-On, or SSO, functionality. Customers can now use one username and password to access all NODE40 services, like Masternode hosting, account management, accounting, and SMART View reporting. Additional tiers of NODE40 Balance geared toward business customers are expected to launch later this year.